Indian Oil stake sale floor price set at Rs 387 a share

The government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at 387 rupees each, the company said, a two percent discount from Friday’s close. At the floor price, the 10 percent stake sale in the company will bring in 93.96 billion rupees (USD 1.4 billion) for the government. New Delhi is seeking to raise as much as USD 11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 percent of gross domestic product in 2015/16. IOC stock price On August 24, 2015, at 15:32 hrs Indian Oil Corporation was quoting at Rs 380.00, down Rs 14.45, or 3.66 percent. The 52-week high of the share was Rs 465.40 and the 52-week low was Rs 307.00. The company’s trailing 12-month (TTM) EPS was at Rs 37.83 per share as per the quarter ended June 2015. The stock’s price-to-earnings (P/E) ratio was 10.04. The latest book value of the company is Rs 279.95 per share. At current value, the price-to-book value of the company is 1.36.